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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 25, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to

Commission file number 001-40175

SYMBOTIC INC.
(Exact name of registrant as specified in its charter)
Delaware98-1572401
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
200 Research Drive
Wilmington, MA 01887
(978) 284-2800
(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices)

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, par value $0.0001 per shareSYMThe Nasdaq Stock Market LLC



Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  o 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).     Yes  x   No  o 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
o
Accelerated filer
o
Non-accelerated filer
x
Smaller reporting company
x
Emerging growth company
x
                
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  o   No  x

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
As of August 4, 2022, the following shares of common stock were outstanding:
54,280,146 shares of Class A common stock, par value $0.0001 per share
80,844,573 shares of Class V-1 common stock, par value $0.0001 per share
416,933,025 shares of Class V-3 common stock, par value $0.0001 per share



TABLE OF CONTENTS
Page
i


CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to, our expectations or predictions of future financial or business performance or conditions. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements concerning our possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” or “intends” or similar expressions.
Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about our ability to, or expectations that we will: 
meet the technical requirements of existing or future supply agreements with our customers, including with respect to existing backlog;
expand our target customer base and maintain our existing customer base;
anticipate industry trends;
maintain and enhance our platform;
maintain the listing of the Symbotic Class A Common Stock on NASDAQ;
develop, design, and sell systems that are differentiated from those of competitors;
execute our research and development strategy;
acquire, maintain, protect, and enforce intellectual property;
attract, train, and retain effective officers, key employees, or directors;
comply with laws and regulations applicable to our business;
stay abreast of modified or new laws and regulations applicable to our business;
successfully defend litigation;
issue equity securities in connection with future transactions;
meet future liquidity requirements and, if applicable, comply with restrictive covenants related to long-term indebtedness;
timely and effectively remediate any material weaknesses in our internal control over financial reporting;
anticipate rapid technological changes; and
effectively respond to general economic and business conditions
Forward-looking statements made in this Quarterly Report on Form 10-Q also include, but are not limited to, statements with respect to:
the future performance of our business and operations;
expectations regarding revenues, expenses and anticipated cash needs;
expectations regarding cash flow, liquidity and sources of funding;
expectations regarding capital expenditures;
the effects of pending and future legislation;
business disruption;
risks related to the impact of the COVID-19 pandemic on the financial condition and results of operations of Symbotic;
disruption to the business due to our dependency on certain customers;
increasing competition in the warehouse automation industry;
any delays in the design, production or launch of our systems and products;
the failure to meet customers' requirements under existing or future contracts or customer's expectations as to price or pricing structure;
any defects in new products or enhancements to existing products; and
ii


the fluctuation of operating results from period to period due to a number of factors, including the pace of customer adoption of our new products and services and any changes in our product mix that shift too far into lower gross margin products.
Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. Certain of these risks are identified and discussed in our Registration Statement on Form S-1 (Registration No. 333-265906) filed with the U.S. Securities and Exchange Commission (“SEC”) on June 29, 2022 and amended on July 20, 2022. These risk factors will be important to consider in determining future results and should be reviewed in their entirety. These forward-looking statements are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements are provided for the purposes of assisting the reader in understanding our financial performance, financial position and cash flows as of and for periods ended on certain dates and to present information about management’s current expectations and plans relating to the future, and the reader is cautioned not to place undue reliance on these forward-looking statements because of their inherent uncertainty and to appreciate the limited purposes for which they are being used by management. While we believe that the assumptions and expectations reflected in the forward-looking statements are reasonable based on information currently available to management, there is no assurance that such assumptions and expectations will prove to have been correct.
The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made and are based on the beliefs, estimates, expectations and opinions of management on that date. We are not under any obligation, and expressly disclaim any obligation, to update, alter or otherwise revise any forward-looking statements made in this Quarterly Report on Form 10-Q, whether as a result of new information, future events or otherwise, except as required by law.
In addition to factors previously disclosed in our Registration Statement on Form S-1 (Registration No. 333-265906) filed with the SEC on June 29, 2022, and amended on July 20, 2022 and those identified elsewhere in this Quarterly Report on Form 10-Q, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: failure to realize the benefits expected from the business combination between SVF Investment Corp. 3 and Symbotic pursuant to that certain Agreement and Plan of Merger, dated December 12, 2021 (the “Merger Agreement”), by and among SVF, Warehouse Technologies LLC, Symbotic Holdings LLC and Saturn Acquisition (DE) Corp. that closed on June 7, 2022; the effects of pending and future legislation; and risks related to the impact of the COVID-19 pandemic on the financial condition and results of operations of Symbotic.
Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.
In this Quarterly Report on Form 10-Q, the terms “Symbotic”, “we,” “us”, and “our” refer to Symbotic Inc. and its subsidiaries, unless the context indicates otherwise.


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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements

Symbotic Inc.
Unaudited Consolidated Balance Sheets
(in thousands, except share data)
June 25, 2022September 25, 2021
ASSETS
Current assets:
Cash and cash equivalents$411,662 $156,634 
Accounts receivable2,549 63,370 
Inventories126,985 33,561 
Deferred expenses550 489 
Prepaid expenses and other current assets49,435 6,366 
Total current assets591,181 260,420 
Property and equipment, at cost42,858 37,177 
Less: Accumulated depreciation(22,348)(18,560)
Property and equipment, net20,510 18,617 
Intangible assets, net800 1,164 
Other long-term assets340 334 
Total assets$612,831 $280,535 
LIABILITIES, REDEEMABLE PREFERRED AND COMMON UNITS AND EQUITY (DEFICIT)
Current liabilities:
Accounts payable$96,995 $28,018 
Accrued expenses51,081 31,131 
Sales tax payable6,625 18,405 
Deferred revenue, current290,406 259,418 
Total current liabilities445,107 336,972 
Deferred revenue, long-term88,613 216,538 
Other long-term liabilities5,983 3,993 
Total liabilities539,703 557,503 
Commitments and contingencies (Note 11)  
Redeemable preferred and common units:
Preferred units, Class B-1, 0 units authorized, issued, and outstanding at June 25, 2022 and 2 units authorized, 1 unit issued and outstanding at September 25, 2021
 232,278 
Preferred units, Class B, 0 units authorized, issued, and outstanding at June 25, 2022 and 1 unit authorized, issued, and outstanding at September 25, 2021
 459,007 
Common units, Class C, 0 units authorized, issued, and outstanding at June 25, 2022 and 428,571 units authorized, issued, and outstanding at September 25, 2021
 144,975 
Equity (deficit):
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Common voting units, Class A, 0 units authorized, issued, and outstanding at June 25, 2022 and 7,071,424 units authorized, 5,997,632 units issued and outstanding at September 25, 2021
 16,809 
Common shares, Class A, 3,000,000,000 shares authorized, 50,664,146 shares issued and outstanding at June 25, 2022
5 — 
Common voting shares, Class V-1, 1,000,000,000 shares authorized, 60,844,573 shares issued and outstanding at June 25, 2022
6 — 
Common voting shares, Class V-3, 450,000,000 shares authorized, 416,933,025 shares issued and outstanding at June 25, 2022
42 — 
Additional paid-in capital - warrants58,126 26,999 
Additional paid-in capital1,231,992  
Accumulated deficit(1,281,020)(1,154,944)
Accumulated other comprehensive loss(2,139)(2,092)
Total stockholders' equity / members' deficit7,012 (1,113,228)
Noncontrolling interest66,116 — 
Total equity (deficit)73,128 (1,113,228)
Total liabilities, redeemable preferred and common units, and equity (deficit)$612,831 $280,535 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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Symbotic Inc.
Unaudited Consolidated Statements of Operations
(in thousands, except share and per share information)


For the Three Months EndedFor the Nine Months Ended
June 25, 2022June 26, 2021June 25, 2022June 26, 2021
Revenue:
Systems$169,503 $125,268 $330,297 $142,028 
Software maintenance and support862 1,232 2,802 2,776 
Operation services5,187 4,987 15,801 15,401 
Total revenue175,552 131,487 348,900 160,205 
Cost of revenue:
Systems136,015 125,643 264,475 138,740 
Software maintenance and support1,269 702 3,224 2,257 
Operation services6,724 5,478 18,283 16,613 
Total cost of revenue144,008 131,823 285,982 157,610 
Gross profit (loss)31,544 (336)62,918 2,595 
Operating expenses:
Research and development expenses35,140 20,934 80,679 52,477 
Selling, general, and administrative expenses29,435 16,508 68,306 41,007 
Total operating expenses64,575 37,442 148,985 93,484 
Operating loss(33,031)(37,778)(86,067)(90,889)
Other income, net156 7 236 59 
Loss before income tax(32,875)(37,771)(85,831)(90,830)
Income tax benefit (expense)    
Net loss(32,875)(37,771)(85,831)(90,830)
Net loss attributable to Legacy Warehouse unitholders prior to the Business Combination(19,178)(37,771)(72,134)(90,830)
Net loss attributable to noncontrolling interests(12,383)— (12,383)— 
Net loss attributable to common stockholders$(1,314)$— $(1,314)$— 
Loss per share of Class A Common Stock: (1)
Basic and Diluted$(0.03)$ $(0.03)$ 
Weighted-average shares of Class A Common Stock outstanding:
Basic and Diluted50,664,146  50,664,146  
(1) Loss per share information has not been presented for periods prior to the Business Combination (as defined in Note 3, Business Combination), as it resulted in values that would not be meaningful to the users of these unaudited condensed consolidated financial statements. Refer to Note 3, Business Combination for further information.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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Symbotic Inc.
Unaudited Consolidated Statements of Comprehensive Loss
(in thousands)

For the Three Months EndedFor the Nine Months Ended
June 25, 2022June 26, 2021June 25, 2022June 26, 2021
Net loss$(32,875)$(37,771)$(85,831)$(90,830)
Foreign currency translation adjustments(98)1,024 (47)2,936 
Total comprehensive loss(32,973)(36,747)(85,878)(87,894)
Comprehensive loss attributable to Legacy Warehouse unitholders prior to the Business Combination(19,192)(36,747)(72,097)(87,894)
Comprehensive loss attributable to noncontrolling interests(13,187)— (13,187)— 
Total comprehensive loss attributable to common stockholders$(594)$— $(594)$— 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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Symbotic Inc.
Unaudited Consolidated Statements of Changes in Redeemable Preferred and Common Units and Equity (Deficit)
(in thousands, except unit and share information)

Three Months Ended June 25, 2022
Redeemable Preferred and Common UnitsAdditional Paid-In Capital - WarrantsAdditional Paid-In CapitalAccumulated Other Comprehensive LossAccumulated DeficitNoncontrolling InterestTotal Equity (Deficit)
Common Units, Class CPreferred Units, Class B-1Preferred Units, Class BCommon Voting Units, Class ACommon Shares, Class ACommon Voting Shares, Class V-1Common Voting Shares, Class V-3
UnitsAmountUnitsAmountUnitsAmountUnitsAmountSharesAmountSharesAmountSharesAmount
Balance at March 26, 2022428,571$168,613 1$238,085 1$470,482 6,444,373$217,604  $  $  $ $ $ $(2,041)$(1,248,771)$ $(1,033,208)
Retroactive application of recapitalization ratio (1)24,493,538— 24,041,299— 47,508,299— 388,481,909— — — — — — — — — — — — — 
Adjusted balance, beginning of period24,922,109$168,613 24,041,300$238,085 47,508,300$470,482 394,926,282$217,604  $  $  $ $ $ $(2,041)$(1,248,771)$ $(1,033,208)
Granted560,524— — — — — — — — — — — — — — — — 
Forfeited(560,524)— — — — — — — — — — — — — — — — 
Unit-based compensation3 — — — — — — — — — — — — — — — 
Accretion of class C Units to redemption value4,844 — — — — — — — — — — — — (4,844)— (4,844)
Preferred Return— 2,323 4,590 — — — — — — — — — — (6,913)— (6,913)
Provision for warrants— — — — — — — — — — 74,280 — — — — 74,280 
Exercise of warrants— — — 16,379,606120,134 — — — — — — (16,154)— — — — 103,980 
Net loss pre business combination— — — — — — — — — — — — — (19,178)— (19,178)
Other comprehensive loss pre business combination— — — — — — — — — — — — (14)— — (14)
Recapitalization of Preferred Units, Class C Units, Class A Voting Units, and creation of NCI (net of transaction costs of $37,104)
(24,922,109)(173,460)(24,041,300)(240,408)(47,508,300)(475,072)(411,305,888)(337,738)— — 60,844,573 6 416,933,025 42 — 1,191,567 — — (301,973)551,904 
Recapitalization of SVF equity, PIPE, and FPA (net of transaction costs of $30,315)
— — — — 50,664,146 5 — — — — — 40,425 — — 381,276 421,706 
Net loss post business combination— — — — — — — — — — — — — (1,314)(12,383)(13,697)
Other comprehensive loss post business combination— — — — — — — — — — — — (84)— (804)(888)
Balance at June 25, 2022$ $ $ $ 50,664,146$5 60,844,573$6 416,933,025$42 $58,126 $1,231,992 $(2,139)$(1,281,020)$66,116 $73,128 
(1) As part of the Business Combination (as disclosed in Note 3, Business Combination and Note 12, Membership Interests), all per share information has been retroactively adjusted using the Exchange Ratio as stipulated by the Merger Agreement

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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Symbotic Inc.
Unaudited Consolidated Statements of Changes in Redeemable Preferred and Common Units and Equity (Deficit)
(in thousands, except unit and share information)

Three Months Ended June 26, 2021
Redeemable Preferred and Common UnitsAdditional Paid-In Capital - WarrantsAccumulated Other Comprehensive LossAccumulated DeficitTotal Equity (Deficit)
Common Units, Class CPreferred Units, Class B-1Preferred Units, Class BCommon Voting Units, Class A
UnitsAmountUnitsAmountUnitsAmountUnitsAmount
Balance at March 27, 2021428,571$1,874 1$226,748 1$448,078 5,997,632$16,809 $ $(2,506)$(926,186)$(911,883)
Retroactive application of recapitalization ratio (1)24,493,538— 24,041,299— 47,508,299— 361,551,314— — — — — 
Adjusted balance, beginning of period24,922,109$1,874 24,041,300$226,748 47,508,300$448,078 367,548,946$16,809 $ $(2,506)$(926,186)$(911,883)
Granted— — — — — — — — 
Forfeited— — — — — — — — 
Unit-based compensation30 — — — — — — — 
Accretion of Class C Units to redemption value53,251 — — — — — (53,251)(53,251)
Preferred Return— 2,765 5,464 — — — (8,229)(8,229)
Provision for warrants— — — — 26,999 — — 26,999 
Net loss— — — — — — (37,771)(37,771)
Other comprehensive loss— — — — — 1,024 — 1,024 
Balance at June 26, 202124,922,109$55,155 24,041,300$229,513 47,508,300$453,542 367,548,946$16,809 $26,999 $(1,482)$(1,025,437)$(983,111)
(1) As part of the Business Combination (as disclosed in Note 3, Business Combination and Note 12, Membership Interests), all per share information has been retroactively adjusted using the Exchange Ratio as stipulated by the Merger Agreement

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.










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Symbotic Inc.
Unaudited Consolidated Statements of Changes in Redeemable Preferred and Common Units and Equity (Deficit)
(in thousands, except unit and share information)

Nine Months Ended June 25, 2022
Redeemable Preferred and Common UnitsAdditional Paid-In Capital - WarrantsAdditional Paid-In CapitalAccumulated Other Comprehensive LossAccumulated DeficitNoncontrolling InterestTotal Equity (Deficit)
Common Units, Class CPreferred Units, Class B-1Preferred Units, Class BCommon Voting Units, Class ACommon Shares, Class ACommon Voting Shares, Class V-1Common Voting Shares, Class V-3
UnitsAmountUnitsAmountUnitsAmountUnitsAmountSharesAmountSharesAmountSharesAmount
Balance at September 25, 2021428,571$144,975 1$232,278 1$459,007 5,997,632$16,809  $  $  $ $26,999 $ $(2,092)$(1,154,944)$ $(1,113,228)
Retroactive application of recapitalization ratio (1)24,493,538— 24,041,299— 47,508,299— 361,551,314— — — — — — — — — — — — — 
Adjusted balance, beginning of period24,922,109$144,975 24,041,300$232,278 47,508,300$459,007 367,548,946$16,809  $  $  $ $26,999 $ $(2,092)$(1,154,944)$ $(1,113,228)
Granted1,052,952— — — — — — — — — — — — — — — — 
Forfeited(1,052,952)— — — — — — — — — — — — — — — — 
Unit-based compensation52 — — — — — — — — — — — — — — — 
Accretion of Class C Units to redemption value28,433 — — — — — — — — — — — — (28,433)— (28,433)
Preferred Return— 8,130 16,065 — — — — — — — — — — (24,195)— (24,195)
Provision for warrants— — — — — — — — — — 74,280 — — — — 74,280 
Exercise of warrants— — — 43,756,942320,929 — — — — — — (43,153)— — — — 277,776 
Net loss pre business combination— — — — — — — — — — — — — (72,134)— (72,134)
Other comprehensive loss pre business combination— — — — — — — — — — — — 37 — — 37 
Recapitalization of Preferred Units, Class C Units, Class A Voting Units, and creation of NCI (net of transaction costs of $37,104)
(24,922,109)(173,460)(24,041,300)(240,408)(47,508,300)(475,072)(411,305,888)(337,738)— — 60,844,573 6 416,933,025 42 — 1,191,567 — — (301,973)551,904 
Recapitalization of SVF equity, PIPE, and FPA (net of transaction costs of $30,315)
— — — — 50,664,146 5 — — — —